Kathmandu. Millions of homes in the UK could be ineligible for insurance due to the risk of flooding, it has been warned. <\/p>\n
Amanda Blank, CEO of Aviva, one of the UK’s leading insurance companies, has warned that the risk of flooding will make homes under construction today ineligible for insurance. “But looking at the current construction methods, 115,000 new homes will be built in flood-prone areas over the next decade,” she said. \u2019<\/p>\n
Speaking to the BBC, Lank said, “We don’t understand that. We need to think about where these houses are being built. \u2019<\/p>\n
According to the Environment Agency, around 6.3 million homes and businesses in the UK are at risk of flooding. Aviva’s research has found that one in nine homes built between 2022 and 2024 is at medium to high risk of flooding. On the Bigg Boss interview podcast, Blank said, “The UK is ‘definitely’ building houses that will not be insurable at some point in the future. Everyone knows what the flood-prone areas are. Let’s think very carefully about the houses we are building. \u2019<\/p>\n
Building closer to flood-prone areas also requires a different approach, according to Blank. “There are a lot of things you can take to make your property more or less flood-resistant,” she said. \u2019<\/p>\n
According to Aviva’s research, about a third of new homes built in 2024 could be flooded by 2050. Similarly, one in seven homes will be at medium to high risk of flooding due to extreme weather. <\/p>\n
Earlier this year, the Met Office estimated that the record-breaking winter seen in the UK in 2023-2024 is now a once-in-20-year event instead of a once-in-80-year event, given current levels of global warming. In a wide-ranging interview, Blank urged the government to avoid “buzzwords” about policy ahead of Chancellor John Haley’s first budget on October 28. <\/p>\n
Aviva is one of the UK’s leading private pension providers. “Estimates about pension changes in the last few budgets have led to a large number of withdrawals from their pensions,” Blank said. “In fact, last year we saw 30 times more pension withdrawals than normal,” she said. “This is something that customers may regret later. Because once you withdraw a tax-free lump sum, you can’t deposit it back. So we’d say be very careful about what you’re considering or trying.” \u2019<\/p>\n
Some of the policy announcements made long before the budget include plans to help first-time home buyers and usher in a new era of industrialisation in the UK. <\/p>\n
According to Blank, Aviva is “ready with the capital” to invest in infrastructure. She said the company has already invested more than \u00a3100 billion in the UK. Of that, \u00a335 billion goes to infrastructure such as hospitals, schools and wind farms. “We have that capital,” he said. “We want to invest. We are a big employer in the UK. We want to invest in infrastructure in the UK. It will provide a good return for our pensioners and those pension scheme members.” \u2013 Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Millions of homes in the UK could be ineligible for insurance due to the risk of flooding, it has been warned. Amanda Blank, CEO of Aviva, one of the UK’s leading insurance companies, has warned that the risk of flooding will make homes under construction today ineligible for insurance. “But looking at the current […]<\/p>\n","protected":false},"author":16,"featured_media":317732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45031,45044,45159],"tags":[],"class_list":["post-317764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banner-news-en","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/317764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=317764"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/317764\/revisions"}],"predecessor-version":[{"id":317765,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/317764\/revisions\/317765"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/317732"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=317764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=317764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=317764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}